Argument In Favor

Failing to raise the debt limit won’t just impact crucial services — it could cause the nation to default on its debts, triggering a collapse in the financial market as well as a recession, or even a depression, in the global economy.

Argument Opposed

Why have a debt limit — much less constantly worry about raising it — when Congress already approves all borrowing by the federal government? Numerous countries get by without a debt limit, why is the U.S. still burdened with one?